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DAILY STACK
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Five stories ranked by Real-Life Impact
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Thursday, May 28, 2026
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Today's Thesis: The number that sets your mortgage rate, your car payment, and Warsh's first move drops this morning — and it arrives the same day oil crashed below $89, Iran claimed it will reopen Hormuz in a month (the White House called it fabrication), Snowflake jumped 30% on an Amazon deal, Salesforce cut guidance, and Dell reports after the bell with your 401(k)'s AI bet on the line.
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The S-1 Is Live. You Have 22 Days.
June 12 is now confirmed. $75 billion. Ticker SPCX. The largest IPO in history.
You will not get shares. The 21-bank syndicate already locked them up.
But the S-1 just exposed the one company Musk cannot operate without.
It's publicly traded. It's still cheap. And in 22 days, the whole world will know its name.
Dylan Jovine is giving it away — free — before the window closes.
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1
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Your money
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Core PCE today · CPI was 3.8% · Warsh FOMC June
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The Fed's favorite inflation number drops this morning — and your borrowing costs are riding on it
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The April core PCE price index — the single number the Fed cares most about — lands this morning alongside the Q1 GDP revision and consumer spending data. After April's CPI came in at 3.8% and the monthly PPI at 1.4% (triple the estimate), any read above consensus will harden the case for rate hikes and send yields higher. That means your mortgage, your auto loan, and your credit card APR all move on what this report says. Warsh's first FOMC meeting is in three weeks, and a hot PCE print turns it from an introduction into a decision. Oil dropped 5.55% to $88.68 yesterday — the lowest since early May — which gives the Fed cover if energy is what's cooling, but core PCE strips out energy, so the relief may not show up where it counts.
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The other side: The March core PCE held steady at 2.8% when many expected a spike, and if April repeats that pattern, Warsh gets breathing room and the 10-year yield could fall further from 4.54%.
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2
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Markets
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Oil -5.5% to $88 · SNOW +30% · CRM -2.8% · DELL today
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Oil crashed below $89, Snowflake jumped 30%, and Dell reports tonight
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WTI crude fell 5.55% to $88.68 Wednesday after Iranian state media said Tehran will restore Hormuz shipping to pre-war levels within one month. The Dow hit a fresh record at 50,644, but the S&P barely moved. After hours, Snowflake surged 30% after beating estimates and announcing a $6 billion deal with Amazon Web Services for Graviton AI chips, while Salesforce fell 2.8% on weak full-year guidance. Dell reports after the bell today — the stock is up 32% in three weeks and analysts at Melius set a $380 target.
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The other side: The White House called Iran's Hormuz claim a "complete fabrication," and oil has bounced back from every sub-$90 dip this war — $88 could be a trap, not a trend.
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3
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Your health
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GDP Q1 revision + consumer spending today
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GDP and consumer spending land today — the recession test you didn't know was coming
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The second estimate for Q1 GDP and the April consumer spending report drop alongside the PCE this morning. Consumer confidence is near its all-time low and Walmart cut its outlook, but the Chicago Fed Activity Index hit a 13-month high and unemployment is still at 4.3%. The data is telling two different stories about whether the economy is holding up or starting to crack — and today's numbers will break the tie.
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The other side: Q1 earnings beat revenue estimates by 14.9% for infrastructure stocks, unemployment is still 4.3%, and Yardeni Research says the S&P rally is being driven entirely by forward earnings, not speculation — the fundamentals are real even if confidence is low.
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4
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Your home
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EQR + AVB merger · largest apartment REIT
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Two of the biggest landlords in America are merging — and if you rent, that matters
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Equity Residential and AvalonBay Communities announced a merger that will create the largest apartment REIT in the country. When two companies that own tens of thousands of rental units combine, the pricing power on your lease renewal goes up, not down.
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The other side: The merger still needs regulatory approval, and apartment supply is hitting a 40-year high in several Sun Belt markets — more units may offset the consolidation effect on rents.
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5
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Your wallet
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WTI $88.68 · lowest since early May
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Oil dropped below $89 — your gas price could follow in two weeks
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WTI crude settled at $88.68 Wednesday — down from $111 just ten days ago and the lowest price since the war escalated in early May. Pump prices lag crude by one to two weeks, so if oil stays below $90, your next fill-up could drop 25 to 40 cents a gallon by mid-June.
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The other side: The White House called Iran's Hormuz reopening claim a "complete fabrication," and Trump said on Truth Social it will be "a Great Deal for all or, no Deal at all" — so the drop could reverse fast if talks collapse.
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Off The Stack
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Micron closed up another 3.6% Wednesday after its 19% surge Tuesday, now above $1 trillion in market cap. — A continuation of Tuesday's move, not new information; the AI memory story is priced in for now.
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Meta began testing AI subscription services starting at $7.99 a month. — Early-stage product with no pricing impact yet; worth watching if it scales.
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Best Buy and Costco both report earnings today alongside Dell. — Consumer spending reads that will tell you more about retail health, but Dell's AI numbers will drive the bigger market reaction.
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Daily Stack · Five stories ranked by Real-Life Impact
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